Taking from the Middle Class, Giving to the Rich — It’s the Malloy Way
At yesterday’s State Bond Commission meeting, Governor Dannel Malloy’s plan to give $1 million in taxpayer funds to the private equity company MC Credit Partners so they could move to Stamford sailed through despite the fact that days earlier Malloy announced more than $100 million in deep budget cuts to a variety of vital services as part of his effort to knock down what will surely be a significant budget deficit before the year is out.
Adding insult to injury, Malloy continues to pay for his Corporate Give-A-Way Program with funds that he is charging to the state’s credit card, meaning, he is actually borrowing the money from Wall Street, which in turn, pushes up the long-term cost to taxpayers since we have to pay back the money plus the associated interest.
According to the Malloy administration, in return for the $1 million, MC Credit Partners [Yes, McCredit is their real name], will move their office, along with their 21 employees, from New York City to space in a building in downtown Stamford, Connecticut.
The office building is owned by one of the city’s biggest campaign contributors and is already the home of two other companies that received Corporate Welfare payments from the Malloy administration.
Malloy’s political spin about the whole arrangement takes a bit of hit when one learns, thanks to a quick search on Bloomberg.com, that MC Credit Partners is already located on the 5th Floor of 2200 Atlantic Street in Stamford.
But then again, perhaps the “deal was done” long before the people of Connecticut were provided the opportunity, through the Bond Commission, to actually vote on the decision to give taxpayer funds to MC Credit Partners.
According to the language adopted by the State Bond Commission,
“These funds are requested to provide a loan to MC Credit Partners, LP to assist in Taking from the Middle Class, Giving to the Rich - It's the Malloy Way - Wait What?:
